EUROPEAN MORNING BRIEF 05/07: SHFE zinc prices slide; WWS files for bankruptcy in US; BNP Paribas hires Berchole
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Thursday July 5.
Base metals prices on the Shanghai Futures Exchange were broadly down during Asian morning trading on Thursday, with the complex continuing to come under pressure from growing trade concerns.
Check Metal Bulletin’s live futures report here.
Worldwide Warehouse Solutions (WWS) has filed for bankruptcy under Chapter 7 at a court in the United States and has closed all its operations, Metal Bulletin learnt on Wednesday.
Jonathan Berchole has joined BNP Paribas to develop a physical metals trading book and help expand the bank’s existing financing business, Metal Bulletin learned on Wednesday.
New Century Resources has cut its third-quarter forecast for the Century Mine zinc tailing project in Queensland, Australia, but said it remains on track for first production in August.
The duty-free aluminium import arbitrage between the US and Asia is little changed this month but remains wide with the US Midwest premium well supported throughout June
Resurfacing concerns over Indonesian tin supply boosted the standard ingot grade premium in the week to Tuesday, while the low-lead premium ticked lower on weak spot demand; other premiums were unchanged on balanced fundamentals.
A widening backwardation in London Metal Exchange forward prices subdued premium movements globally for zinc while China and Southeast Asia lead markets gain momentum due to environmental restrictions on production there.